Sunspring Metal (TPE:2062) Beneish M-Score : -3.11 (As of Apr. 04, 2025)

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What is Sunspring Metal Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sunspring Metal's Beneish M-Score or its related term are showing as below:

TPE:2062' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.5 Max: -1.5
Current: -3.11

During the past 13 years, the highest Beneish M-Score of Sunspring Metal was -1.50. The lowest was -3.51. And the median was -2.50.

Sunspring Metal Beneish M-Score Historical Data

The historical data trend for Sunspring Metal's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Sunspring Metal Beneish M-Score Chart

Sunspring Metal Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.28

-1.64

-3.51

-1.50

-3.11

Sunspring Metal Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.50	-2.29	-2.78	-2.93	-3.11

Competitive Comparison of Sunspring Metal's Beneish M-Score

For the Building Products & Equipment subindustry, Sunspring Metal's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Sunspring Metal's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Sunspring Metal's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sunspring Metal's Beneish M-Score falls into.

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Sunspring Metal Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Sunspring Metal for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9287

0.528 * 0.825

0.404 * 0.3229

0.892 * 1.0007

0.115 * 0.9569

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0334

4.679 * -0.063283

0.327 * 0.6807

-3.11

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$2,677 Mil.
Revenue was 1729.959 + 1811.439 + 2042.617 + 1988.397 = NT$7,572 Mil.
Gross Profit was 207.956 + 254.273 + 368.629 + 262.896 = NT$1,094 Mil.
Total Current Assets was NT$5,537 Mil.
Total Assets was NT$11,473 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,663 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$727 Mil.
Selling, General, & Admin. Expense(SGA) was NT$543 Mil.
Total Current Liabilities was NT$2,186 Mil.
Long-Term Debt & Capital Lease Obligation was NT$978 Mil.
Net Income was 110.54 + 75.334 + 213.069 + 145.581 = NT$545 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 402.188 + 14.524 + 586.065 + 267.818 = NT$1,271 Mil.

Total Receivables was NT$2,881 Mil.
Revenue was 2123.941 + 2024.644 + 1912.954 + 1505.352 = NT$7,567 Mil.
Gross Profit was 282.566 + 271.445 + 230.056 + 117.6 = NT$902 Mil.
Total Current Assets was NT$5,783 Mil.
Total Assets was NT$12,837 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,106 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$746 Mil.
Selling, General, & Admin. Expense(SGA) was NT$525 Mil.
Total Current Liabilities was NT$3,374 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,827 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2677.202 / 7572.412)	/	(2880.555 / 7566.891)
	=	0.353547	/	0.380679
	=	0.9287

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(901.667 / 7566.891)	/	(1093.754 / 7572.412)
	=	0.11916	/	0.144439
	=	0.825

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (5537.255 + 5662.527) / 11473.312)	/	(1 - (5783.136 + 6106.066) / 12837.068)
	=	0.023841	/	0.073838
	=	0.3229

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	7572.412	/	7566.891
	=	1.0007

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(745.77 / (745.77 + 6106.066))	/	(726.726 / (726.726 + 5662.527))
	=	0.108842	/	0.113742
	=	0.9569

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(543.067 / 7572.412)	/	(525.138 / 7566.891)
	=	0.071717	/	0.069399
	=	1.0334

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((978.076 + 2185.716) / 11473.312)	/	((1826.508 + 3373.504) / 12837.068)
	=	0.275752	/	0.405078
	=	0.6807

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(544.524 - 0	-	1270.595)	/	11473.312
	=	-0.063283

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Sunspring Metal has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.

Sunspring Metal Beneish M-Score Related Terms

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Sunspring Metal Business Description

Industry

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Traded in Other Exchanges

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Address

NO.386, Shizheng Road, 22F-23F, Taichung, TWN

Website

http://www.sunspring.com.tw

Sunspring Metal Corporation is a Taiwan-based company mainly engaged in the manufacturing, processing, and trading of water pipe switch accessories, gate valves, corks, copper pipe fittings, and waterway sanitary equipment and also production and sales of bathroom spare parts. Geographically company has two operations which are Asia Operations Area which includes production and sales in Asia, and North America Operation Area which includes production and sales in North America. The majority of its revenue derives from the Asia operations area.

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